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Cyber Monday Makes History: Online Spending Exceeds $1 Billion

New data from comScore suggests that Cyber Monday may have been the heaviest online spending day in history with a record-breaking $1.028 billion in online spending — a 16% jump in spending when compared against the same day last year.

The figure also represents the first time single-day online spending has exceeded the $1 billion threshold, according to comScore. The company predicts that there will be even more billion-dollar online spending days before the online holiday shopping season is over.

This year there were 4% more online shoppers (9 million) spending on average 10% more per transaction ($60.05), altogether accounting for a 6% bump in total transactions (17.1 million). While this is good news for online retailers, employers might have experienced a loss in worker productivity on Monday as nearly half of all dollars spent on online purchases were made from work computers.

"The online holiday shopping season has clearly gotten off to a very strong start, which is welcome news. At the same time, it’s important to note that some of the early strength in consumer spending is almost certainly the result of retailers’ heavier-than-normal promotional and discounting activity at this early point in the season," said comScore chairman Gian Fulgoni.

All in all, this holiday season is proving to be a big year for online retailers — they also enjoyed a fruitful Black Friday, seeing an overall 15.9% growth in sales from last year.

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